More: 2024 Olympics

It is scheduled to become official on Wednesday at about 2 p.m. ET in Lima, Peru.

International Olympic Committee members will ratify an agreement among Los Angeles, Paris and Olympic leaders that awards the 2024 Olympics to Paris and the 2028 Olympics to Los Angeles.

Then the host-city contracts will be signed, sealing what the IOC has called a “win-win-win” situation that arose last year and came together earlier this summer.

The last time two Olympic hosts were determined at once was in 1921, when the 1924 Paris and 1928 Amsterdam Games were awarded, according to Olympstats.com. LA and Paris will join London as the only cities to host the Olympics three times.

The U.S. will host its first Olympics since 2002 (and first Summer Games since 1996). Paris will host for the first time since 1924.

The U.S. ends its longest drought between hosting an Olympics since the 28-year gap between 1932 and 1960. It failed in bids for 2012 (New York City) and 2016 (Chicago).

Dec. 8: Given strong bids from Paris and LA, IOC president Thomas Bach is asked twice about the possibility of awarding the 2024 and 2028 Olympics at the Lima session rather than just the 2024 Games. He doesn’t categorically rule it out while saying the current bid process — having separate bid competitions culminating seven years before each Games — “produces too many losers.”